WEST PALM BEACH, FL (www.hedgeco.net) – The EU Financial Services Commissioner Mr. Charlie McCreevy said in an interview that the European Union should regulate the European Hedge Fund industry so asto protect the interest of inexperienced investors. Similar arguments were made by the US Securities and Exchange Chairman, William Donaldson prior to embarking on a path to regulate the US HedgeFund industry. According to McCreevy such need developed from the exponential growth in European Hedge fund management portfolios.
McCreevy�s statements come as no surprise to hedge fund industry analysts who largely believe that with the passage of similar hedge fund measures by the SEC, that it was question of time before the European Hedge fund regulators imposes similar laws to the emerging European hedge fund industry.
McCreevy, 55 was the former Irish Finance Minister, and member of the Irish Parliament, having served in such capacities for about 27 years. He was made the EU Financial Services Commissioner and took office in Brussels in November 2004. Three months after taking his new post, in 2004, McCreevy said, the 25- nation EU membership can�t wait for market failures before implementing hedge fund regulation laws in Europe. McCreevy is a chartered accountant by profession and according to him he still remains active in the accounting field, because he may return to such trade when his current job runs through its course.
The European Hedge Fund industry has grown significantly over the years as European investors continues to learn about hedge funds and their methods of doing business. According to the Center for Economics and Business Research, hedge fund assets in London, the largest European investment center, will more than double to about $395 billion over the next five years.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net
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